Technology One Limited (TNE) Earnings Call Transcript & Summary

Good morning, everybody, and welcome to the Technology One Limited Annual General Meeting for the year ended 30 September 2023. My name is Pat O'Sullivan, and I'm Chair of Technology One Limited. I would like to begin by paying our respects to the Meanjin peoples of the Turrbal and Jagera indigenous groups, who originally inhabited the land we are upon today. Today's meeting will be run as a hybrid meeting with shareholders attending face-to-face, those who are here, and also via the Link online platform. This enables shareholders to participate in the meeting irrespective of where they are, and I warmly welcome those of you participating online. I would particularly like to welcome those who are in the room who have been unable to physically attend previous AGMs. Before we start, I would like to play a small video to introduce our new shareholders to TechnologyOne. [Presentation]

From information provided to me by the Company Secretary, I advise that a quorum is present, and I declare the meeting officially open for business. Let me first introduce my fellow directors: to my right, Mr. Ed Chung, our CEO and Managing Director; Mr. Peter Ball, Chair of Audit and Risk Committee; Mr. Cliff Rosenberg, Chair of Nominations and Governance Committee; Ms. Sharon Doyle; and to my left, Dr. Jane Andrews, Chair of Remuneration Committee; Mr. John Mactaggart; and Mr. Rick Anstey. I would also like to introduce Mr. Cale Bennett, who is sitting over there, who is our new CFO; Mr. Stuart MacDonald, our COO, sitting beside Cale; and Mr. Stephen Kennedy, our Company Secretary, sitting in the front row. There have been no apologies tabled for today's meeting. I also note that our company auditors, Ernst & Young, are represented here today by Mr. John Robinson and Ms. Jennifer Barker, who is sitting over here. Also, we have a number of TechnologyOne staff here today. I would also like them -- to thank them for helping us out on the day. I'd like to start with an acknowledgment of Mr. John Mactaggart, who is retiring at the end of today's meeting. John was a founding shareholder, who will retire as a Director of TechnologyOne at the conclusion of today's meeting. John and his family have been integral to getting TechnologyOne to where it is today. Without their original investment in TechnologyOne, we may never have existed. John has been a Director of TechnologyOne since 1987 and has provided invaluable stewardship through the life of the company to date, including its listing on the Australian Securities Exchange in 1999 and the ongoing evolutions of the company. On behalf of myself, the Board and the whole company, can we thank John and give him a round of applause for his service. Thank you, John. Before we start the formal part of the meeting today, the CEO and Managing Director, Ed, would like to take the opportunity to provide an overview of the company's performance in FY '23 and strategic direction going forward. The slides you will see today have been lodged with the ASX.

Good morning, everyone. TechOne has delivered these strong results that you see before you today for the last 20-plus years. And it really comes down to our ability to stick to our clear vision, our strategy, our mission, our purpose, our core beliefs. We call it the TechOne Way. We've got lots of sayings in TechOne, lots of mantras. And one of them I was talking to Peter about before is we say it and we do it. It builds commitment in our organization, deep alignment. And if we hit our goals, great, everyone's happy. And if we don't hit it, which doesn't really happen, we've got something to anchor our conversations on, and it builds credibility with the investment community and with the market. It's why we put out our ambitious plans, our big goals, our targets because we get questioned about that quite a lot. You know our strategy. But for those that are new to our company, I just might spend a couple of moments on it. Firstly, we're ERP provider. We've got very, very deep and broad functionality for the markets we serve. If you look back in 2008, we had 11 products. And over the many years, we've invested to build products and acquire products. And today, we've got 16 products. And each one of those products has 20 to 30 modules. So there's about 400 modules for our customers. And that's why we're confident, and that's why customers invest with us because we have the deepest functionality for specific vertical markets. We're not all things to all people. I quite often get asked to go to the mining sector, but it's not what we're good at. We provide very, very deep and rich and mission-critical software, software that runs local governments, runs universities, runs hospitals, runs massive infrastructure providers. We're up to our fourth generation ERP. It's our global SaaS ERP. It's highly efficient. And we've got all but a handful of our 1,300 customers now on our global SaaS ERP. And those customers on our global SaaS ERP, they unlock significant value to releases each year with new features and new functions, defense-in-depth security. We've got the highest level of cybersecurity certification of any ERP provider on the planet. Our customers are always on the latest release, always on the latest technology. All the products that we have, all 16 products, 400 modules, it's available to them. They can see it all. They can use it all. They can fall in love with it. They can streamline their business. And when you wrap it all together, our customers tell us they save 30-plus percent by moving to our global SaaS ERP. We're an innovation-driven company. We leverage tech for our customers. We leverage that at every generation. It's why we're called TechnologyOne. So we've got this fourth-generation ERP. It's available anywhere, any device at any time for our customers, having rewritten our code line, think millions of lines of code, not once, not twice, but 4 times in the last 36 years. And you won't find any other ERP provider that's done it once. And it really comes down to the might and the intellect and the passion of our staff, our 1,200 staff. You see up there, we've got Power of One. Power of One means we build, market, sell, implement, support and run our software. It's what makes us unique. No other provider does that at all. I'm going to talk about SaaS+ later. SaaS+ can only happen because of the Power of One. So to sum all that up, we're unique. No one does what we do. No one has the focus that we have. And it's this clear strategy, which resonates with the market, it's why we're winning against our competitors in the markets we serve. And once we land a customer, they expand with us over many, many years. Some might only take one product or one module, but they believe in the enterprise vision. If we do a good job, they'll continue to grow with us. It's why they stay with us forever, and it's why we have that consistent strong growth over the last 20 years. And so all of that comes together in the strong results for last year. Total ARR grew very strongly, up 23%. You can see there $392.9 million. And that was both in new logos and existing customers taking more products and modules of TechOne. And I said before, since all but a handful of customers have transitioned to SaaS, we simplified our reporting metrics. And we just report one metric when it comes to SaaS now, and that's total ARR, simplifies our business. And it's been about 12 years now to move from on-premise to SaaS, and our business as a SaaS business is far more predictable now. And to be really frank with you, it was probably the most measured quarter 4 or last quarter we had to deliver those results last year, which means we're start up very well for quarter 1 this year and for FY '24. And when you look at that strong ARR growth, it translates to the strong profit growth. We delivered 16% profit growth to just a touch under $130 million last financial year. And that beat the guidance that we put out in the market in the half year result in May of 10% to 15% profit growth. And for those that have been following us for a while, we put those ambitious targets out there. We had a big target of $500 million worth of ARR by FY '26. And at the end of last year, it's about almost $400 million, $393 million. And you've heard me say this story probably many times before, we learned it from Adobe, and there's a saying called cloud is war. When you get that customer on your cloud, you've won the war because then they're going to take more and more of your products and modules and stay with you forever. And we've now transitioned all of our customers from on-premise to SaaS, all but just a few. And so what that means is we have a clear and predictable and strong pipeline, which in turn leads to a very strong net revenue retention result. Now with all of that, we're confident now to upgrade our target. So we've upgraded that to $500 million worth of ARR by FY '25, a whole 12 months earlier than we previously guided. And so you can see by all measures, the company is performing very, very well. Our applications are mission critical. We have 99-plus customer retention -- 99-plus percent customer retention over the last 36 years. Now that's absolutely unheard of in our industry. And when you look at that, combined with our strong revenue, strong cash generation, a clean balance sheet and our strong pipeline looking forward, the Board declared a final dividend last year of $0.119 per share in addition to a special dividend of $0.03 per share. So you can see the full year dividend is $0.1952 per share, up 15% on the prior year. Now that all equals a strong balance sheet as well. We've got a lot of cash on our balance sheet, $223 million, up 27%. And as you would expect, our cash flow generation is also very strong at $104 million last year. Now that's up around 36% and 100% of net profit after tax, and that's 1 year earlier than we expected. So strong selling, strong delivery, strong cash collection has all come through in a good cash flow result and a very strong balance sheet. So to sum it all up, you can see we delivered record profit, record ARR, record revenue. Profit there is $130 million, up 16%, beating the guidance of 10% to 15%. NRR, a sort of new term for us, net revenue retention, selling into your existing customer base, was 119%. Now if you remember, 115% is our target. And if we only delivered that 115%, just that one strategy would continue to double in size every 5 years. So 119% is a very strong result. The U.K. delivered a strong result. Its total ARR is $26.5 million, up 50% on the prior year. And I just talked about strong cash collection with cash flow performance at about 100% of net profit after tax. So great result all around. Now we've got a great track record. And over the last 35 years, 36 years, we've invested about $1 billion in R&D to build those 16 products and 400 modules that our customers can't live without. And we've rewritten it not once, not twice, but 4 times to take advantage of the latest tech for our customers -- are leveraging tech for our customers. So if our operating result was great across all parts of our business, it allowed us to invest even more in R&D, and it's to invest for the future. It's to create long-term investments to grow past $500 million. So to be honest, $500 million is locked and loaded, yes, we still have to execute and deliver, and our team will do that. But we now focus on how we continue to double in size every 5 years. And so we accelerated some investments last year in the U.K., in SaaS+, in new products like App Builder and DXP, and we're set up to continue to double in size every 5 years. So I just want to now turn to the outlook for FY '24, the current financial year. We all know that it's a bit of doom and gloom out there in the economy right now, geopolitical instability, interest rates, all of those things. TechOne has experienced that many times over the last 36 years, and we've continued to grow very strongly over those 36 years through the ups and downs, and we'll continue to do so. As we've seen over the last few years for us, our markets remain very resilient, and we provide significant value to local governments, to higher education, to governments, to big infrastructure providers. We provide that mission-critical software that they can't do without. And so our global SaaS ERP takes care of all the technology for our customers so that they can focus on delivering for their customers. And as I said, they report savings of 30-plus percent by moving to our ERP. So in tough times, they'll look to us to invest more. And so when you put it all together, we've been resilient through the ups and downs. Our markets continue to be resilient. We provide mission-critical software that they can't live without. Then we guide for very strong -- well, strong ARR and strong profit growth to continue to FY '24. We'll deliver our $500 million ARR by FY -- by 2025, and at our first half year results, as we always do, in May, we'll give a bit more specific guidance. Now turning to the long-term outlook. So if we're going to deliver $500 million ARR by FY '25, our plans don't end in FY '25. Our plans don't end in FY -- in $500 million. So we focus on how do we continue to build for the future. And at TechOne, we stay true to our core beliefs. And one of those is investing strongly in R&D for future growth. We invested about $110 million last year. That's 25% of revenue. That's quite large, but we've got a track record of investing in R&D for growth for the long term. So I said this before, in 2008, we had about 11 products, but we continue to invest in our products, in our modules. And today, we've got 600 -- today, we've got 16 products and 400 modules, and we continue our investments in things like SaaS+, in DXP, in App Builder to make life even simpler for our customers. Now DXP is very exciting. DXP is providing a rate payer experience for you and I, that's LG DXP, or an experience for our kids or the students in universities, that's Student DXP. Now the early signals, the early adopter for local government DXP is fantastic. When we show a CEO or a mayor, they just want it straight away. So it's really resonating with the market. And the very first release of Student DXP comes out now this month, and we have our first early adopters of Student DXP about to receive that product. It's fantastic. What's very exciting for us is these investments in R&D continue to build platforms for growth so that we can confidently say we continue to double in size every 5 years. And you've heard me talk about maybe for the last 2 halves SaaS+. We launched SaaS+ last year as a long-term strategy, just like cloud was a long-term strategy. We have to invest quite a bit upfront but it's very -- it's filling our growth today. SaaS+ is one of those big initiatives that will fuel our growth for tomorrow. So I just want to remind everyone what SaaS+ is. Just like all of us in the market have an offering, we have a SaaS offering, our ERP. We would say our competitors have maybe old-school cloud hosting. But no matter what they have, it still relies on traditional implementations. And if you go and acquire SAP or Oracle or Workday and Infor, you'd have to go to a systems integrator, a Big 4, IBM, Accenture, to implement that software for you. And to be honest, it's in the interest of those systems integrators to draw out the implementation, to make it long, to make it complex because, to be frank, that's how they make their money. But our customers don't buy our software to have long, drawn out, risky, expensive implementations. They want to use it to streamline their business. And we know ERP is hard. And we know when things go awry in implementations, as they often do, if you go down this traditional route, the poor customers [ are polled ] in the bag because the software vendor blames the implementation partner and the implementation partner blames the software vendor. The customer doesn't get the outcome. And so we're the only company that can offer SaaS+ because through the Power of One, we own the product, we have the deep IP in industries like local government and higher education, and we have our consultants, our highly skilled consultants that know how to implement. And so we've changed the ERP world by taking away long, complex, risky implementations and delivering it faster than anyone else has done before in one single fee. It's quite compelling. It's very compelling. Customers love it. Now this is a long-term strategy that will evolve over many, many years, but it will fuel our growth in the future, just like cloud or SaaS has fueled our growth. And it can only happen because of the Power of One. Now what it does for us as a business, it gets us off lower-quality, ones-off consulting revenue and gets it on to high-quality ARR or SaaS+ recurring revenue, just as we went from on-premise license fees to recurring revenue with SaaS fees, and it will increase our SaaS fee by 40% per annum. So we're having some early wins. Last year, we reported that we targeted about 10 customers for SaaS+. But we're proud to say 35 customers took up SaaS+. And since then, many have gone live. So it's really resonating with the market, and the team is executing very, very well. We'll provide more details as that strategy evolves and as we get more lessons learned. Turning to the U.K. The U.K. is one of those platforms for growth that will fuel our growth to continue to double in size every 5 years. It was a great result last year. You see total ARR grew up 50% to $26.5 million. Some notable points within that. We closed 2 student deals. That's very important for us in higher education. With one referenceable customer that took many, many years to get right, we're now really starting to get that flywheel turning in higher education and Student Management in the U.K. And so as a result, our pipeline is starting to really grow significantly now in the U.K. So you can see, we're confident to continue to double in size every 5 years. We've got the strategies, the platforms for growth to underpin it. That wheel there, I will just go through it. With strong net revenue retention of 115% per annum, and our target is 115% to 120%. That strategy alone, if we succeed on that, we'll continue to double in size every 5 years just with that one strategy. We've got $2 billion of white space in APAC. That means existing customers, the modules and products they don't have, that's equivalent to $2 billion today. So there's lots of opportunity to farm that white space. Our R&D to create new products and new modules into that customer base doubles that white space from $2 billion to $4 billion over the next few years. And Solution as a Service, it's a game changer. It will increase our ARR opportunity by 40%. And we continue to look for strategic acquisitions like the one we made a couple of years ago, Scientia, around timetabling and scheduling to add deeper functionality into the markets we serve, and that one was really focused on higher education. We continue our focus on winning new logos in APAC and in the U.K. And of course, we focus our strategies to grow margins to 35-plus percent over the next few years. So when you wrap all that up, you can see that we're very well positioned for long term and future growth. Now none of this can happen without the people of TechOne. They solve the most complex business process problems for our customers. They are the ones that deliver this massively broad and massively deep ERP that powers local government, that powers higher education. And to be honest, we compete against some of the world's largest multinationals with R&D teams of tens of thousands of staff, and we've got 450. It's amazing what they deliver. Now we're also independently recognized as an employer of choice. And we all read about market pressures for employment, but we continue to have a very holistic investment in our people. And so you can see we've got not only focused investment on remuneration, but on our culture and our programs to keep developing our people and keep inspiring our people. There's a whole raft of them up here from grad days to service rec, MARVELs. You can read them all up there. The one that's very exciting, which we launched last year for the first time, was our employee share program. And we've been told by externals that it's probably the best employee share program in Australia, maybe even the world. So our employees, for every 2 shares they buy, they get 1 free. Now that buys a lot of buy-in and a lot of alignment in the company. And today, we can report 55% of our staff are now shareholders of TechOne. So you can see it really resonates with them as well. Important part of our culture is the TechOne Foundation, which was started by Adrian in 2017. We believe, as a growing company, it's incumbent on us to give back to the communities we serve. So we've got an ambitious goal there to lift 500,000 kids and their families out of poverty by 2032, and we're part of the 1% Pledge, which is 1% of product, 1% of profit and 1% of time to go to those institutions that we partner with. That's really it today, folks. So thank you for your time. FY '23 has been another amazing year. I'd like to thank you, our shareholders, for your long-term and loyal support. I see many familiar faces around me today. Of course, none of it could happen -- none of this could happen without the talented people that make up TechOne. You'll see them in the TechOne shirts here and around town and in the valley, on the trains. I'd like to thank each and every one of those 1,300 team members from around the globe. It's their passion, their commitment, their loyalty, their innovation that makes the impossible possible every day. Things like SaaS+ will change the world. No other ERP provider will be able to deliver that. I just want to show you that we have a lot of fun along the way as well. Can we play the video, please? [Presentation]

Thank you, Ed, for that very insightful presentation. Clearly, the video shows, I'll have to do a better job of selecting my wardrobe next year with the same shirt on. I'm sure the eagle eyes in the room noticed that. So well done. So make note for self, different shirt next year. If you're a shareholder and would like to ask a question through the online platform, please click on the Ask a Question tab at the bottom of the screen and follow the instructions provided. We will endeavor to answer as many questions as we can. You may submit questions now or at any stage during the meeting. You do not need to wait on the relevant item of business. We will then seek to address your questions during the discussion on the appropriate item of business. Questions being sent through on the online platform may be moderated to avoid repetition. And if the questions are particularly lengthy, we may need to summarize them in the interest of time. We will provide time for questions on each item during the meeting, but I would now like to move to provide the opportunity for shareholders to raise any questions they may have specifically regarding the content of the presentation that Ed just gave.

If you have a question, I would ask that you raise either your hand -- yellow voting card or your blue registration card and we'll have one of our staff come over and give you a microphone. At this time, could you please stand up, identify yourself and then proceed with the question. As a reminder, only shareholders are permitted to ask questions. Is there anybody in the room who would like to ask a question?

Good morning. My name is Paul Donohue, and I'm here to represent the Australian Shareholders' Association. I'm holding 455,000 proxy votes from 71 retail shareholders. First of all, congratulations on another great year, fantastic results and a very impressive presentation on video. My first question is about the cyber incident last year. So in May last year, TechnologyOne experienced a cyber incident. Shortly afterwards, there was a statement explaining the limited nature of the breach. At the time, the CEO said, as the investigation progresses and further facts are established, we'll keep all relevant stakeholders updated. However, I couldn't find any further communication on the topic. Can you please give us an update on the breach and the way TechnologyOne responded to it?

Absolutely. Thank you for the question. Clearly, we all know in the world in which we operate, cyber breaches are just a reality. It's a matter of when, not if. I think as Chair of this company, I can say to you as the shareholders, the way the team dealt with the matter was outstanding. So a lot of prework had been done in terms of testing, running simulations, the what-ifs and building as much infrastructure as one possibly could to protect. When the matter was identified, which was at 6:15 one morning, as I was walking the dog and I took a call from Ed to say there had been a problem, the team were active within 45 minutes and putting the plan into place. We told shareholders about it. The good news, fingers crossed, was that we were very confident early on that no customer data had been accessed. That was around Microsoft 365 information. And as the team worked quickly through that, we identified what could be problematic and not, and we were able to deal with the matter very expeditiously. So I think the team did an outstanding job in a very difficult time. Lots of learnings for us as a Board and as a management team through it, but we prepared ourselves very, very well. So the matter was closed without any cost or incident to the company.

Okay. And second question, if I can, just on the U.K. acquisition. So last year, you announced a $2 million expense related to due diligence on a potential U.K. acquisition, as Ed mentioned, and that didn't proceed. So firstly, we applaud the deal team's discipline in walking away when it didn't stack up. That's admirable. But secondly, can you provide some more detail on the proposed acquisition and just more generally how acquisitions might fit into your growth strategy?

Yes. Absolutely. So again, I echo your comments about the discipline of not proceeding despite having spent the best part of $2 million on due diligence, but that's ultimately why you spend the money on the due diligence, and there were a couple of what I would describe as threshold issues that we just couldn't see through as being a sensible thing to proceed with. Ed touched on in his presentation the Scientia acquisition that was made a couple of years ago in the U.K. We are acquisitive, but it will only be the right assets that we acquire. We're in a very good place in terms of our balance sheet. Again, as Ed pointed out, we've got lots of cash. We've got no debt. We have got a strong supporter base in terms of our shareholders. If we come to you to ask you for money, it will be because we have found something we think is really, really accretive to the value of this company. There was a question in front here.

[ Brian Eggerton ], I've been a shareholder for over 20 years. So I've watched the development from Adrian all the way through into Ed. Mine is a very basic question. I've been to a few presentations from IT companies, but I didn't hear the word AI at all. And I'd like you to comment on how that will impact your staff and how it will increase productivity. And if you wouldn't mind commenting on that, please, Ed.

Yes. Is this microphone on? I smile when I answer the question because if you go back to cloud in 2010, 2012, it feels the same. It's a bit of a -- back then, I would have called it a cloud rush. AI is a bit of a buzzword. Everyone is using it. There is good application for it. There's no doubt about it. I've been quoted as saying today that AI is almost like a solution looking for a problem. So there is definite application in TechOne for our own productivity as well as our customers for AI, but we got to find the right place to use it. One of the examples I use -- well, there's 2 examples that come to mind. One is the most simplest AI in our expenses DXP where you take a photo, and it simply scans the receipt and processes the whole transaction. So you don't have to do anything, right? That's using the most simplest AI. You get more complicated when we have a big solution with Moreton Bay Council where the trucks are monitoring the road with cameras on the road and AI is reading the video and reading potholes in the road and simply putting a work request through to our property and rating and asset systems. We go and fix it -- or the rangers go fix it. And next time the garbage trucks come back around and see that there's no pothole in the road, they then close it. So you got to find the real application to provide value to your customers rather than just a buzzword.

[indiscernible]

I'm not allowed to talk about [indiscernible]. Just joking.

Any other questions in the room? One over here.

Is it on? I'm a shareholder and like the previous one, I've had -- since before -- well, over 20 years anyway. So I admire this company enormously. But I was just -- something that's occurred to me because a previous -- another company I've had shares in was -- taken an interest in by a leveraged -- in a company like [ BGI ]. So if you found that a leveraged equities company took an interest in TechnologyOne, somehow you found that out, how would you respond to that interest?

In the sense of them thinking about buying us?

Yes. Shorting you -- buying the shares and shorting you, just deciding there's a weakness in the company and they're going to exploit it. So as a shareholder, I just wondered how you would approach that situation, if it arise.

Yes. So certainly, the Board's position in relation to our job is to represent our shareholders. So at the end of the day, if a new -- existing shareholder or somebody who wants to be a shareholder approaches us, then we'll take that on face value at the time. At the end of the day, that's our job. So we don't have a position where we say, we own this company. Nobody can take it over. It's not going to happen. We simply say we will run this company to the best of our ability. And if somebody wants to turn up and offer a large check to buy the company, then we will take that on as merits at the time.

Sorry, I didn't mean someone taking over the company. I meant undermining share price and things. I think this company is run so well. It's not going to be a target anyway. I just wondered whether you had a sort of position on how you would handle something like that.

Again, we'll deal with -- deal each instant on its merits at the time.

And just one other question. I know your customers -- I know about councils and I know about universities. And -- but you talk about infrastructure providers. Can you just give me an example of them as a customer?

Yes. Big water authorities powered by TechOne, airports powered by TechOne.

Thank you for the questions. Any other questions in the room?

My name is [ Peter Epp ]. I'm a minor shareholder in the company. Our main base in Australia. We've now moved into the U.K., and that seems to be taking off. Are there any other areas like Asia, America that we're looking at now that the U.K. is moving to start looking at where there are opportunities there?

Yes. So I'm the newest director -- I believe, the newest director on this group. I think we all know that the roads are littered with potholes of Australian companies who've gone overseas and failed, yes? We've actually been in the U.K. for 20 years. And it's only now that we're starting to find our [indiscernible]. So yes, we talk about other opportunities, but the focus right now is on Australia and the U.K., and other countries may be down the road. Any other questions in the room? Just grab the mic, if you wouldn't mind, please. And just your name, please?

[ Neil Fraser ]. What lessons did you learn from the failure of your takeover target? What would you do differently?

In terms of the work we did, I honestly don't think there's anything material we would do differently. We had some key threshold questions that we wanted to resolve. And as you'd appreciate, from the outside looking in, you see certain things. But when you get on the inside and start looking at what's actually inside, it's not all that it seems. So that's why we did the diligence we did. And at the end of the day, for a company this size to spend a couple of million bucks on an opportunity and to walk away from it, and since we've walked away from it, we have no regrets whatsoever. In fact, we see opportunity. We would do the same again. So in terms of lessons, I don't think anything jumps out. There's a process to follow. The team did a very good job. And when we couldn't get past those threshold questions, we walked away. Was another question -- yes?

[ Brent Olson ], long-term shareholder and member of Teaminvest. Can I catch both of you after the meeting about our total shareholdings as individuals? It's, I guess, somewhere between $5 million and $6 million at the moment. Anyway, a couple of issues. The -- despite the increase in dividends, you could see that there was a special dividend that [indiscernible] and then it was absorbed in the next few years -- [ wasn't ]. It was just total. I actually asked the question of Adrian back then as to it implies that the special dividend could go away, which is a bit of a worry. And now I noticed it's been introduced. But if you look at the graph, it is still going up on the same trajectory, which is really great. Why would you now call it a special dividend? Is there any doubt that it won't be there or that growth in dividends will suddenly flatten or go down?

Yes. So let me answer that question by saying I think this company is quite unique in terms of the fact it provides long-term profit guidance. So Ed has talked about the guidance for $500 million and bringing that forward a year. He's talked about doubling the company -- the size of the company every 5 years. There's not many companies who will step forward and do that, yes? But at the end of the day, none of us know what's around the corner. So in terms of the question around a dividend, a dividend is just part of our capital management process, yes? We're in the very fortunate position, as I said earlier, of having a lot of cash on the balance sheet and no debt. That gives us flexibility. We talk a lot as a Board about capital management. Should we return some of that cash to shareholders? There's multiple ways, as you'd all appreciate, that you can do that. So it's an ongoing conversation. And as we think about our dividends every 6 months, we take into account the environment at that time and what we can see forward. So that's why we have a normal dividend and then a special dividend. I'd like to think in 5 years' time, we're in the room and that graph keeps looking the way it looks, and whether it's called a special dividend or a normal dividend, you will receive the dividend.

One more question. What services are provided out of Malaysia? And why was the decision made to move some functions offshore? I assume it was a cost thing, but I'm just interested in what services are actually provided, which are going to be on a cheaper basis?

Yes. It's a scaling thing. So we haven't removed any costs in Australia to move them to Malaysia, but it is about scale. How do we scale and get stuff quicker and faster? And Malaysia is just one of those parts of the strategy. Today, most of the stuff are what we call customer experience or consulting. So probably 3/4 are consulting and probably 1/4 is R&D.

That's [ big ].

Yes, that's right. Yes.

Did that answer your question? Question over here, yes?

We've got a very experienced Board, which is great, a great mix of skills and experience, and you can read the biographies that are published online in the annual report. And TechOne publishes a skills matrix that lists the Board skills collectively in areas such as strategic, commercial acumen and things like that. And that meets the minimum disclosure required for a listed company. But there's a room for improvement because the skills matrix doesn't indicate individual directors' skills or their level of proficiency. And it doesn't even indicate the collective level of proficiency of the Board. There's no high, medium, low or any other scale like that. So my question is, is there a reason why you don't publish more detailed information on Board skills?

So the answer, as we discussed in our private meeting, is no, there's no reason we don't. At the end of the day, we believe we provide fulsome information, and we've taken on notice the question you raised outside of this room about thinking about adding extra. And whether we do or we don't, we'll see in time, yes? Well, good. Stephen, any questions online?

Yes. Pat, we have 4 questions online. The first question is from [ Jeff Rogers ]. He's asked, what is the size of the total addressable market for U.K. universities?

Am I online? It's about 5x the size of the Australian market.

Thank you. And the second question is from [ Peter Calero ]. He's asked, what percentage of revenue is generated from overseas? And what percentage do you envisage the overseas revenue will be over the next 5 years?

Do you want me to take that on? I can't give you the specifics, but we expect it to be larger than Australia over time. We're very excited about the U.K., and you can see that the flywheel is starting to turn.

Okay. And we've got a couple more questions from Stephen Mayne. The first question is best practices now to disclose the proxy position to the ASX along with the formal addresses to offer more timely disclosure. Will you be adopting this practice over the next year's AGM? And what is the proxy position?

Yes. Happy to take that on notice, and we will show the proxy positions as we get to each resolution.

Then the second question from Stephen is I'm a local government councilor at the city of Manningham, which uses TechOne software. But I was surprised by the CEO's comment last year that local government, "can't survive without us." At last year's AGM, the CEO said 77% of Australian Councils were using TechOne. Has that increased over the past year? And what systems are the 23% of councils not using TechOne using?

Thank you for the question. It's exactly the same as last year. Sorry, can you ask the last part again, please?

What are our competitors using -- sorry, what are the other councils using?

23% are using competitive products. I think we have 16 products, 400 modules. 77% is an accurate number, but not all customers are equal. Some might only have 1 module, some might use a lot of modules. And if they're not using ours, they are definitely using a competitor's product.

That's all the questions we have, Pat. Thank you.

Excellent. And I understand there are no registered users on the phone line, so we won't be taking any questions on the phone line today as I work my way through the rest of the meeting.

So let's now return to the formal part of the meeting. So the notice of meeting was issued to all registered members on the 15th of January 2024. I propose that the notice of meeting provided to all members be taken as read. Everyone present here today is required to have registered at the front desk. This includes shareholders, proxyholders and visitors. If you've not already registered, I would like to ask you to please see the representative from Link at the registration desk located outside. All proxies have been received, have been inspected, and all those validly lodged have been accepted and registered. A register of proxies received is also available. I've been advised that 542 valid proxy forms have been received, representing more than 242 million votes, being approximately 75% of available votes. We will now go through the procedure for today's AGM. We'll be conducting a poll for each resolution at today's meeting. Shareholders and proxyholders intending to vote would have been given a yellow voting card on registration, which you will then need to use at the time of voting by completing the voting card at the appropriate time, either in favor, against or abstaining on a resolution. Shareholders that have already voted prior to this meeting with us today have been given a blue card on registration. For those shareholders participating in the meeting via the online platform, you can cast your vote using the electronic voting card that you received when you validate your registration. If you have any questions about casting your vote online, please refer to the online platform guide or call the number set out on the guide on your screen. Those registered shareholders attending the meeting online today will have the functionality to vote and ask questions on the devices and via the phone line provided. I will consider the questions submitted online after I've taken questions from the floor. Please note that visitors are not eligible to vote or to ask questions as this is a meeting for its shareholders. Visitors are welcome to stay and observe the proceedings, and they will be given a red card at registration today or view-only access online. We will now move on to the items of business for this meeting as set out in the notice of meeting. The first item of business is to receive and consider the financial statements and reports of the directors and the auditors for the year ended 30 September 2023. The annual report, including the financial statements, were distributed to members on the 15th of January 2024, and it's been held by members for a time that meets the statutory period. Ladies and gentlemen, this is not an item which requires a vote, but this is now an opportunity to ask any questions that you have on the annual report. I'm not going to read out how to do it. If we've got a question in the room, please raise your card and we'll bring a microphone to you. Are there any questions in relation to the financial statements? Are there any questions online, Stephen?

Sure, Pat. We have one question from Stephen Mayne. He says, some of our critics believe our profits have historically been overstated because we capitalize some software expenses. Similarly, a few years ago, we were being more aggressive than presently on revenue recognition. Could the external auditor and the Audit Committee Chair please summarize the historical change we made to revenue recognition policies and describe how intensely this issue was scrutinized in the latest audited accounts? Do our practices match those of other software companies?

So I'll take the question. And the question is, yes, we thoroughly review how we recognize revenue. The company, at the end of the day, I think most people would recognize cash is king. So whether you capitalize something or not, ultimately, it turns up as cash. And as Ed mentioned, nearly 100% of our profits were cash profits this year. And our auditors have done a thorough audit and given a clean opinion, which is included in the annual report.

No further questions, Pat.

Excellent. If there are no further questions, we'll now move to those resolutions which we're voting on. As previously discussed, we'll undertake a poll for each resolution at today's meeting. Shareholders and proxyholders intending to vote would have been given a voting card on registration, which they will use to record the vote either in favor or against a resolution. If you need assistance, when completing the vote, please ask one of the Link Market Services staff for assistance. I now declare the poll open. You may cast your votes at any time from now until the close of the meeting. A representative of Link will act as a returning officer for the purposes of conducting and determining the results of the poll. The official results of the poll will not be available by the close of the meeting. The results of the poll will be released to the market on the ASX company announcements platform as soon as they are available, which will be later today. Given the large number of proxies that have been registered for today, we will be able to provide a clear indication if a resolution is likely to pass or fail. We will now move on to the items of business for this meeting as set out in the notice of meeting and which do require a vote. These are ordinary resolutions and, therefore, require more than 50% of the votes cast in favor by members entitled to vote on the resolutions for the resolutions to be passed. So resolution 1 is in relation to the remuneration resolution to consider and, if thought fit, pass the following resolution in accordance with Section 250R(2), Corporations Act: that the remuneration report, as contained in the annual report in the directors report, be adopted. The remuneration report is designed to provide the linkage between our strategic initiatives, remuneration principles and remuneration framework and how these in turn drive shareholder returns. Continuing executive KMP, key management personnel, remuneration continues to be clearly aligned with shareholder value creation. Our total continuing executive KMP remuneration grew by 5% between 2022 and '23. Remuneration growth is relative to and less than the company's 16% growth in net -- in statutory net profit before tax that Ed talked to. Short-term incentives outcomes across our continuing executive KMP were up 15%, directly reflecting the growth in executive net profit before tax. The deferred STI earned was up 16%, in line with the average growth in executive net profit before tax, and the long-term incentive plan based on earnings per share, which was a growth of 17.1%, and total shareholder returns relative to listed technology companies, where we ranked 89%, resulted in 100% of the at-risk LTI vesting for our continuing executive KMP. This result reflects the strong performance over the 3-year vesting period with challenging LTI targets set by the Board achieved, ensuring superior performance and longer-term wealth creation. If I summarize all that simply, as a shareholder, I look at a 3-year rolling total shareholder return that's just under 100% and an annual total shareholder return that was just under 50%, which clearly shows alignment between shareholder returns and what has been paid to our executive teams. Section 250R of the Corporations Act requires that the company's members vote on whether or not the remuneration report should be adopted. This vote is advisory only, and the outcome will not be binding on the Board. Please note that the directors and the key management personnel are excluded from voting on this resolution. I can also confirm that any proxy votes submitted by directors and KMP have been excluded from the proxy count. Are there any questions on this resolution in the room?

My question is on CEO remuneration. So Edward's short-term incentive is calculated, as you just said, as a percentage of the company's profit. And as profit grows, his STI increases, which is good for everyone, Ed and for shareholders. However, STI is now the majority of his remuneration. Do you think that in the future, there might be a rebalancing so that more of the remuneration is paid as a long-term incentive?

Yes. So in terms of Ed's pay, we have done a lot of work led by Jane as the Chair of our committee in relation to remuneration for the key management personnel. You will notice that Ed is having a significant increase in remuneration this year. When that conversation started between me and Ed, Ed's immediate reaction was he wants full alignment with the shareholders. So Ed's pay increase is 52% this year, which is a lot of money. But of that 52%, the majority is in LTI. So if you look at Ed's pay, his base pay represents 24% of his total pay, therefore, 76% of his pay is in either STI or LTI with the LTI representing 52%. So in terms of alignment between our CEO and our shareholders, we feel very comfortable as directors that there is alignment. The second thing I would say is we did a very full benchmarking exercise, comparing the remuneration, not just of Ed, but of all of the key executives. And Ed was benchmarked at the 20th percentile. In other words, he was -- in terms of other CEOs, he was at the 20th percentile. His pay increase moves him close to the 50th percentile. So for a company that's performing the way this company is performing, I think it would be a challenge for us as directors to justify why we're not paying Ed something at least at the 50th percentile. And frankly, over time, companies that are performing -- or this company should be paying their CEOs at a higher rate than that, which is not a promise of a pay increase, Ed, but is a fact, and I think shareholders recognize that we want to retain our key talent. Any other questions in the room? Stephen, any questions?

Yes, Pat. We've got one question online from Stephen Mayne. Did any of the 5 main proxy advisers recommend a vote against any of today's resolutions, including this rem report item? If so, what reasons did they give? And will you disclose the proxy votes before the debate on each resolution, so shareholders can ask questions?

So I think it's sort of 3 questions in there, Stephen. So the first question is, yes, we will share the proxy votes before each one, which we'll do shortly. In relation to Ed's remuneration or the remuneration report, there was no issues with the proxy advisers. I will talk to a particular issue with a proxy adviser shortly.

There are no further questions, Pat.

Excellent. The proxy votes received prior to the meeting are now displayed on the screen. I will ask you to complete your voting card with how you intend to vote on the resolution. From the proxy we have received, as you can see, I expect the motion will carry. We now move to resolution 2, which is the reelection of Peter Ball as a director. So to consider and, if thought fit, pass the following resolution as an ordinary resolution: that Peter, who retires by rotation in accordance with rule 16.1 of the company's constitution, and being eligible, be reelected in accordance with rule 16.2 of the company's constitution. When I show you the proxy votes in a little while on this resolution, you will note that Peter has around a 20% vote against his reelection. I think it's important that all shareholders understand that one of the proxy firms recommended voting against Peter because on their calculations, they think our non-audit fees to Ernst & Young are too high based on their rules, which for that proxy firm is now more than 50%. This proxy firm was the only firm not to take a meeting with us despite multiple requests for us to meet. When we received our written report, we contacted them again to speak. They chose not to. And then we routed them and pointed out that their calculations were in fact incorrect as they ignored the fact that some of what they interpreted as non-audit fees are, in fact, for testing our security operations, which our auditors, Ernst & Young, expressly rely on for their audit conclusions. With those fees included in the right bucket, the percentage is above 50%. In addition, we pointed out that the true non-audit fees, so those that we do think are non-audit fees, mainly relate to the money paid to Ernst & Young in the U.K. for undertaking the due diligence on the potential acquisition that we referred to earlier. So by its nature, it's one-off. Regardless of their report, not representing the actual facts, because Peter is Chair of our Audit and Risk Committee, they think it's appropriate to vote against his reappointment. You'll also note when we get to the reappointment of Sharon Doyle, she too at the same proxy firm recommend against her reappointment, but to a lower level on the same incorrect facts. You should note that the Board unanimously supports the reappointment of both Peter and Sharon. I would now like to ask Peter to address the meeting and provide a brief background on himself and the experience he brings to the Board of TechnologyOne.

Thanks, Pat, and good morning, everybody. I appreciate the opportunity to give you a bit of background about myself. I'm a bit concerned because when I was on the way up on the escalator, I asked Pat how long I had to speak and he said 90 seconds. And I did a run-through, and it was 6 minutes this morning. So I'll hit the high points. I'm a chartered accountant. I started my career in audit. There were Big 8 back then. Deloitte Haskins & Sells was where I worked in audit here, the U.K. and in Europe for a number of years. When I returned from overseas, I went into the consulting business, which was pretty new at that time. And I spent a fantastic career in consulting. I was a partner with one of the Big 4 for 25 years, later at national service line, finance and operational responsibility. My clients were not unlike those of TechOne. So a lot of local government clients, state government, federal government. So I had an understanding of their cultures and particularly how they engage with the consultants and so on. So I brought that to the table. The KPMG, which is where I was, partnership agreement requested partners to retire when they reach 58, which I did in 2019. But it was opportune because Kevin Blinco, who was a long-standing director of TechOne, reached out to me in 2019 and asked whether I would be interested in a conversation with Adrian and with Rick Anstey about potentially joining the Board of TechOne. Didn't take a lot of convincing, I got to say. And so I joined as an adviser to the Board in 2019 and elected in March 2020. Sat with Kevin on the Audit and Risk Committee until he's retired and then assumed responsibility, and I'm on the Rem Committee as well. It's been a fantastic time. I've thoroughly enjoyed it. And the observations I would make over that is TechOne, as we've heard today, it's a dynamic place. There's always something happening. You walk in the door, it's full of energy, and that energy is pervasive and it's infectious. It's very strategic. We've had clear strategy, but we're also opportunistic as we've seen through the acquisitions recently of the U.K. and others we've looked at and walked away from. The other real strength is execution capability. It's great to have a strategy. But if you can actually make it work, make it stick. And what I've seen time and time again around the Board table is commitments to deliver on agendas, which at the time seem somewhat challenging, but they deliver. So it does have very strong execution capability. Very disciplined. I remember first meetings, my [ 92nd is nearly up ], first meetings I went to and like, why aren't we in a different market? Why are we just local government and higher education? And I was put back in the box pretty quickly by Adrian, that we're very much about focus. We've got -- we're in a number of verticals, and that's where we play. We're in 1 or 2 markets. We're focused on R&D. Every year, 25% of revenue reinvested. We put money back into our products. We have a cadence of new releases. So -- and that hasn't changed in the 5 years that I've been involved. It's very transparent. So there's open, engaging, sometimes challenging conversations between the executive and the Board. But I just get a sense that we're all in this together, and there is absolute transparency. So my case for reelection is I have capacity, okay? So I retired, not by choice, out of KPMG. And TechOne is my only public Board. I'm on other Boards, Alzheimer's Queensland, which I have been for 20 years or so, and I'm on a Board in Tasmania to do stadiums. So that's a bit of fun. But certainly, I have capacity. I'm keenly interested and enthusiastic. So I actually look forward to the Board meetings and reviewing the reports, et cetera. And I think I bring relevant skills as a chartered accountant. I can find my way around the P&L and balance sheet, perhaps not all the accounting standards as they are now. I have consulting experience as well, which is relevant to what we do. Leadership as a partner for 25 years, and I now know the business. So you've invested in me for the last 4 or 5 years. I think I understand not all of TechOne, but I think I know a lot more than what I did on day 1. So I can actually ask insightful questions and make, I think, realistic contributions around the table. So in closing, I'd like to really thank you for the opportunity you provided me 4 years ago to join the Board. And I'd really like to hope for your support to be reelected at this AGM for another, I think, it's 4 years. So I appreciate your support this time around. Thank you.

Thank you, Peter. Are there any questions in the room on this resolution?

Thank you, Peter. I'll definitely be voting for. But I have another question that I'm not quite sure when to ask it, is that Mr. Mactaggart's leaving and you're originally -- [ original ]. How are they going to replace you on the Board?

So the short answer to that question is we're not going to replace John because what John has brought and what his family brought to this business is irreplaceable, being completely honest. That's not a quirky comment. That's a true comment. So in terms of the Board more generally, I think, which is kind of probably what your question is, at the end of the day, we have collectively lost quite a bit of cumulative knowledge from this Board. Obviously, with Adrian retiring, Ron retired last year and John retiring after the end of this meeting. So I -- it's my responsibility ultimately but also the whole Board to find suitable replacements in time. But we will be very careful and selective in terms of finding the right skill sets, and we're very clear in our mind what those skill sets are that we're looking for, and ensuring that somebody has the right culture to be able to engage and provide value to the executive. At the end of the day, the executive hold us accountable when they sit before us in the same way that we hold them accountable. So we will work our way through a process, and it's already well and truly started, to identify suitable candidates who ultimately will come out of this Board in time. Any other -- there's a question over here, yes?

Do I need to state my name or...

Yes, just your name. And thanks, mate, yes?

[ Russell Weavers ], shareholder. I'm not sure whether this -- I can only apply this to Peter as he's asking for reelection. But I'm always interested to find out how many of the Board serve on other Boards and whether we're allowed to know that information.

Yes. So that information is actually disclosed in the annual report. So I'm happy to declare that I chair 3 ASX-listed companies, carsales, this Board and SiteMinder. And if you like, I can ask each director to stand up and say who they do, but it's actually in the annual report.

Okay. I'll read that.

Thank you, mate. Any other questions in the room? Stephen?

Yes, Pat. We've got one question online from Stephen Mayne. The stock is up 3% today. So well done to all concerned for TechOne's ongoing success. He's asked could we please name the proxy advisory firm which recommended against Peter Ball? And as Chair of the Audit Committee, could Peter please provide his perspective on the non-audit fees issue?

So the answer is no, I'm not naming the 3-lettered proxy firm that voted against this and wouldn't take the meetings. And I think we've discussed the audit fees sufficiently for this meeting unless somebody thinks otherwise. Any other questions?

No. That's it, Pat.

Excellent. Okay. We'll now vote on this resolution. The proxy votes received prior to the meeting are now displayed on the screen. I will ask you to complete your voting card with how you intend to vote on the resolution. And again, you can see from the screen, despite the error in the proxy firm's recommendation, this motion will comfortably pass. Resolution 3 is the reelection of Sharon Doyle as director, to consider and, if thought fit, pass the following resolution as an ordinary resolution: that Sharon Doyle, who retires by rotation in accordance with rule 16.1 of the company's constitution, and being eligible, be reelected in accordance with rule 16.2 of the company's constitution. As with Peter, I would now like to ask Sharon to address the meeting and provide a brief background on herself and the experience she brings to the Board of TechnologyOne.

Good morning. Is that working? Can you hear me? Perfect. Thank you for the opportunity. I'll try and keep it brief because I feel like Pat emphasized that when he said it to me. So I'll run through this quickly. A quick background for you on me. I started as a lawyer by trade. I worked at Allens for a few years, a fantastic grounding in corporate and commercial. So really strong regulatory framework advising listed companies and Boards in that environment. I then moved in-house to Mincom and spent 5 awesome years working in an enterprise software company in a global environment. So really wonderful operational experience for me early in my career where I was embedded in everything that happened and everything that was broken in Mincom was my job, and that gave me lots of really interesting opportunities. So a really great experience to be able to learn how an enterprise software company works, but also to learn some really good lessons around how exciting globalization is and how tricky and challenging it is, how much impact really good talent can have on the outcomes in a moment and over a long period of time, the importance of investing in R&D ahead of the curve and the critical element of focusing on your customer, knowing who your customer is and what they really need and working closely with them to derive that, I think those pieces in the context of an enterprise software business are really important because you're making very long-term investments for very long-term relationships, and it's important that you remain aligned in that respect. So very hard but very exciting and very worthwhile. I then left Mincom after 5 years and have spent the last 20 years building my own M&A, corporate finance advisory business. So that allows me to think as an owner, which is exciting, and see all the balance between the risk and return that you expect as an investor. But what it really means is I've spent 20 years advising technology companies as well as industrials over the past 20 years on how an investor would look at their business. So I've worked with owners, Boards and executives of listed and private companies, domestically and internationally, on growth initiatives, including acquisitions, but also investments in new ventures and growth. And I think, again, the critical piece this gives you is a real empathy for how challenging it is to execute these strategies, but how you have to keep taking risk if you want to realize growth and returns and the importance of just putting guardrails around making sure that you're balancing the level of risk you're taking with the amount of return that you're expecting along that journey. So for me, I've been on a couple of Boards so -- as well as my own Board and the global M&A Board that I'm on. I've been on a large utility Board. I'm on the Board of a large insurance company, Budget Direct, which all operate in highly regulated environments, similar to the ASX, APRA or legislative controls. So that concept of balancing your commercial outcomes with your regulated environment is quite common for me, and I guess, coming to TechnologyOne has been a really wonderful opportunity for me to balance all of my experience in the legal and regulatory, the enterprise software operations and that investor's lens to be able to bring those together and help support the executive as they build out the strategy and make big decisions about how they'll ensure that the growth continues in the medium term. So that's what I think I can bring to the table or have hopefully been bringing to the table for the past 5 years, 6 years. And I'd welcome your support for another term. Thanks.

Thank you, Sharon. Any questions in the room on this resolution? Any questions online?

No questions online, Pat.

We will now vote on this resolution. The proxy votes received prior to the meeting are now displayed on the screen. I will ask you to complete your voting card with how you intend to vote on this resolution. And as you can see from the screen, from the proxies that have been voted, I expect this motion will pass. Resolution 4, grant of FY '24 LTI options to the CEO, to consider and, if thought -- if fit, pass the following resolution as an ordinary resolution: that approval be given for all purposes for the grant of options to Mr. Edward Chung, the company's CEO and Managing Director, as his long-term incentive award for the financial year ending 30 September 2024 under the TechnologyOne Omnibus Incentive Plan rules, as set out in the explanatory notes to this notice of Annual General Meeting. Approval is requested under ASX Listing Rule 10.14, and for all purposes, to enable the company to grant equity securities in the form of options to Mr. Chung, the CEO, as a Director of the company, under and subject to the TechnologyOne Omnibus Incentive Plan and on the terms set out in the explanatory memorandum. The grant of options to the CEO is part of his long-term incentive grant and forms part of his overall remuneration as we discussed a little while ago. If shareholder approval is obtained, the options will be granted to Ed within 5 business days of the company's AGM. If shareholder approval is not obtained, then the options will not be issued and, subject to the achievement of performance conditions described in these explanatory notes, the CEO will receive a cash payment upon release of the FY '26 financial statements in November 2026, following the completion of the 3-year performance period, equivalent in value to the LTI options he would have received had shareholder approval been obtained. The purpose of the LTI is designed to reward participants for the long-term growth of the company. Are there any questions in the room on this resolution? Stephen?

No further questions, Pat.

Excellent. We will now vote on this resolution. The proxy votes received prior to the meeting are now displayed on the screen. I will ask you to complete your voting card with how you intend to vote on this resolution. And as you can see from the screen, this motion will pass. As this is the last resolution on the notice of meeting, please now complete your yellow voting card, if you've not already done so, as we will be closing the poll at the end of this meeting. As you leave the meeting, please place your voting card in one of the ballot boxes on the way out. There will be a representative from Link standing there to assist you, if needed. Voting online on all items will close in 5 minutes. So if you have not done so already, please submit your electronic voting card. The official poll results will be published to the market via the ASX company announcement platform as soon as practicable, which is expected to be early this afternoon. I would like to advise the meeting that we'll retain the proxies and voting cards from this meeting for a period of 6 months, after which time they will be destroyed unless there is a reason for them to be kept. Before I close the meeting, are there any residual questions that anybody in the room wish to ask? Are there any residual questions online, Stephen?

Yes, we do, Pat. We've got 3 questions online. The first is from Stephen Mayne. He'd like to thank John for his many years of service. It's always helpful to have investors -- for investors to have access to some exit perspectives from retiring independent directors. In his final contribution as a TechOne Director, could John please comment on what he regards as the best decisions TechOne made during his time on the Board? And does he have any regrets?

I've got no regrets. The best decision was to back Adrian.

Thanks, John.

Further question from Stephen is when disclosing the outcome of voting on all resolutions, could we please advise the ASX how many shareholders voted for each and against each item, similar to what happens with the scheme of arrangement?

Yes. Happy to take that and note that.

And Stephen's final question is, could the Chair and CEO both comment about how they interact with the founder, Adrian Di Marco, since he's left the Board?

No, I don't think that's an appropriate thing to comment on, with all due respect.

No further questions then, Pat.

Excellent. Thank you. Before I close this meeting, let me say a few things. I would like to now specifically acknowledge the efforts of the TechnologyOne people. Their skills, commitment and hard work have allowed us to continue our success and to overcome the challenges we face in this fast-changing world of information technology. The achievements of this year are a testament to the caliber of our people at TechnologyOne under the strong leadership of our CEO and MD, Mr. Ed Chung. I would also like to acknowledge and thank my fellow Board members for their hard work, support and substantial contribution. And I would also like to thank you, our shareholders, for your continuing support and faith in us. With our highly integrated strategy, our current momentum, our technological vision and strong financial position, we look forward to continuing success. For those of you here today, I invite you to join me, my fellow directors and the management for refreshments in the foyer outside this room. For those shareholders or visitors attending online, we are pleased that our technology enabled your attendance today, and thank you also for joining us. I now declare the meeting closed. Thank you for attending.